Royal Dutch/Shell debt ratings cut

CBSMarketWatch

SAN FRANCISCO (CBS.MW) -- Moody's Investors Service said it downgraded the long-term debt ratings assigned to certain subsidiaries of the Royal Dutch/Shell Group to "Aa1" from "Aaa," after completing a review begun on Jan. 9.

The ratings remain on review for further downgrades.

"The downgrades reflect the diminished prospects and positioning of Royal Dutch/Shell's key (exploration and production) oil and gas operations relative to its highly rated peer group, as well as the organizational and cultural challenges manifested by the serious breaches in executive level oversight and governance," said Moody's, referring to the group's reductions in its proven reserves estimate.

U.S.-traded shares of Royal Dutch/Shell
RD
closed up 11 cents at $49.25, while Shell
SC, -0.65%
shares lost 6 cents to end the session at $41.75.

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